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Form 1098

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Form 1098
A form published by the IRS that a lender uses to report the interest that a borrower pays on a mortgage in a year in excess of $600. The form is reported to the IRS and sent to the borrower. Because the interest on one's home mortgage is tax deductible, receiving Form 1098 and reporting the interest paid to the IRS may significantly impact one's tax liability.


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This is Form 1098, and enables you to deduct your qualified mortgage interest to reduce your tax burden.
For the long-time resident credit, required documentation includes copies of Form 1098, and property tax records or homeowner's insurance records for five consecutive years within the eight-year period ending on the purchase date of the new residence.
To claim the deduction, all you need to do is wait for your lender to send Form 1098 at the end of the tax year.
 
 
 
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